Billionaires Spielberg, Zuckerberg Eye East Coast Amid California Wealth Tax Proposal

Filmmaker and Facebook founder consider moves as labor union pushes for new tax on California's wealthiest residents

Feb. 24, 2026 at 10:55am

Got story updates? Submit your updates here. ›

Filmmaker Steven Spielberg has recently moved to New York City, while Facebook co-founder Mark Zuckerberg is eyeing a $200 million waterfront mansion in South Florida, as a labor union in California gathers signatures to place a proposed wealth tax on the November ballot. The moves have raised eyebrows, though neither Spielberg nor Zuckerberg have directly cited the tax proposal as the reason for their potential relocations.

Why it matters

The proposed wealth tax in California, if approved by voters, would impose a 5% one-time tax on the assets of the state's billionaires to fund healthcare services and education programs. The departure of high-profile billionaires like Spielberg and Zuckerberg could have a significant impact on the state's tax revenue, which is heavily reliant on the wealthiest residents.

The details

Spielberg, who is worth over $7 billion, recently became a New York City resident, settling in the historic San Remo co-op. Zuckerberg, worth over $219 billion, is considering purchasing a $200 million waterfront mansion in Miami's exclusive Indian Creek neighborhood. While the billionaires have not explicitly cited the wealth tax proposal as the reason for their potential moves, the timing has raised questions about whether the tax is a factor in their decisions.

  • On January 1, 2026, Spielberg and his wife, Kate Capshaw, officially became residents of New York City.
  • On the same day, Spielberg's Amblin Entertainment opened an office in New York City.

The players

Steven Spielberg

A legendary filmmaker worth over $7 billion, known for movies such as "Schindler's List," "Jaws," and the "Indiana Jones" trilogy.

Mark Zuckerberg

The co-founder of Facebook, worth over $219 billion, making him one of the world's richest people.

Service Employees International Union-United Healthcare Workers West

The labor union leading the effort to gather signatures for the proposed wealth tax ballot measure in California.

Gavin Newsom

The current governor of California, who opposes the proposed wealth tax ballot measure.

Bernie Sanders

The independent U.S. Senator from Vermont, who campaigned in support of the proposed wealth tax ballot measure.

Got photos? Submit your photos here. ›

What they’re saying

“Steven's move to the East Coast is both long-planned and driven purely by his and Kate Capshaw's desire to be closer to their New York based children and grandchildren.”

— Terry Press, Spokesperson for Steven Spielberg

“I am not only supportive of what they're trying to do in California, but we're going to introduce a wealth tax for the whole country. We have got to deal with the greed, the extraordinary greed, of the billionaire class.”

— Bernie Sanders, U.S. Senator

What’s next

The proposed wealth tax ballot measure must gather nearly 875,000 signatures from registered voters in California by June 24 in order to qualify for the November 2026 ballot. If it qualifies and is approved by voters, the tax would take effect in 2026.

The takeaway

The potential departures of high-profile billionaires like Spielberg and Zuckerberg from California amid the proposed wealth tax highlight the state's reliance on its wealthiest residents for tax revenue, and the political tensions surrounding efforts to increase taxes on the ultra-rich.